updated 11/15/2010 9:17:02 AM ET 2010-11-15T14:17:02

PRINCETON, N.J., Nov. 15, 2010 (GLOBE NEWSWIRE) -- Mikros Systems Corporation (OTCBB:MKRS) announced its financial results for the third quarter ended September 30, 2010.

Highlights for the Third Quarter 2010 included:

  • Revenues for the third quarter 2010 were $1,218,928, an increase of $630,209 or 107% from $588,719 for the third quarter of 2009.
     
  • Gross margin for the third quarter 2010 was $525,158, an increase of $207,786, or 65% from $317,372 for the third quarter of 2009.
     
  • Operating income for third quarter 2010 was $97,915, an increase of $85,004, or 658% from $12,911 reported for the same period of 2009.
     
  • Net income during the third quarter of 2010 was $106,081, an increase of $100,127 or 1682% from $5,954 in third quarter of 2009.

Highlights for the Nine Months ended September 30, 2010 included:

  • Revenues for the nine months ended September 30, 2010 were $3,334,624 compared to $1,732,505 for the nine months ended September 30, 2009, an increase of $1,602,119 or 92%. 
     
  • Gross margin for the nine months ended September 30, 2010 was $1,406,724 compared to $976,437 for the nine months ended September 30, 2009, an increase of $430,287 or 44%.  
     
  • Operating income for the nine months ended September 30, 2010 was $124,930 compared to $33,829 for the nine months ended September 30, 2009, an increase of $91,101 or 269%.
     
  • Net income for the nine months ended September 30, 2010 was $142,977 compared to of $15,071 during the nine months ended September 30, 2009, an increase of $127,906 or 849%.
     
  • The announcement of over $5,200,000 in new orders year-to-date.

Tom Meaney, Mikros President and CEO, said, "The Company continues to deliver exceptional products and services to our customers, which is reflected in our very positive operational results. After nine months, we have already exceeded last year's total revenue, and we remain on track to see our best year ever. We are confident that we can continue this level of performance into 2011."

To date, the Company has delivered more than 20 Adaptive Diagnostic Electronic Portable Testset (ADEPT) systems for use on U.S. Navy Aegis Cruisers and Destroyers. Marc Dalby, Mikros VP Business Development and Operations, added, "We are in production and on schedule to deliver additional ADEPT units by early next year. We anticipate additional orders for ADEPT systems and development in 2011, and we are moving forward on several emerging opportunities to expand this line of business with new customers. The Company continues to perform under recently-awarded SBIR development projects with the U.S. Navy for mission-planning applications and autonomous self-powered buoys. We believe that these projects will provide additional platforms for new growth over the next one to three years."

Additional information regarding the company's financial data may be found in the Company's Quarterly Report on Form 10-Q for the third quarter ended September 30, 2010 filed with the U.S. Securities and Exchange Commission. The Form 10-Q may be accessed at www.sec.gov or at the Company's website at www.mikrossystems.com

About Mikros

Mikros Systems Corporation is an advanced technology company specializing in the research and development of electronic systems technology primarily for military applications. Classified by the U.S. Department of Defense as a small business, its capabilities include technology management, electronic systems engineering and integration, radar systems engineering, combat/command, control, communications, computers and intelligence systems engineering, and communications engineering. Mikros' primary business is to pursue and obtain contracts from the Department of Homeland Security, U.S. Navy, and other governmental authorities. For more information on Mikros visit: www.mikrossystems.com

Important Information about Forward-Looking Statements: All statements in this news release other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates," "believes," "could," "expects," "intends," "may," "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause the Company's actual results, events or financial positions to differ materially from those included within the forward-looking statements. Such factors include, but are not limited to, changes in business conditions, a decline or redirection of the U.S. Defense budget, the termination of any contracts with the U.S. Government, changes in our sales strategy and product development plans, changes in the marketplace, continued services of our executive management team, our limited marketing experience, competition between us and other companies seeking SBIR grants, competitive pricing pressures, market acceptance of our products under development, delays in the development of products, statements of assumption underlying any of the foregoing, and other factors disclosed in our annual report on Form 10-K for the year  ended December 31, 2009 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date hereof. 

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